Trane, Inc. (NYSE: TT) reported Q1 EPS of $1.01, $0.40 better than the analyst estimate of $0.61. Revenue for the quarter came in at $3.02 billion versus the consensus estimate of $2.84 billion.

Highlights (first-quarter 2021 versus first-quarter 2020, unless otherwise noted):

• Reported bookings of $4.1 billion, up 34 percent; organic bookings* up 31 percent
• Reported revenues of $3.0 billion, up 14 percent; organic revenues* up 11 percent
• GAAP operating margin up 590 bps; adjusted operating margin* up 500 bps
• GAAP continuing EPS of $0.96; adjusted continuing EPS* of $1.01, up 135 percent

“Given exceptional first-quarter performance and steadily improving end markets, we have raised our full year 2021 guidance above our previous ranges for both revenue growth and EPS. We now expect revenue growth of approximately 10.5 percent and adjusted EPS of approximately $6.00, $0.50 above the high end of our previous range,” said Mike Lamach, chairman and CEO of Trane Technologies. “During the first quarter, our global team’s relentless focus on sustainability and disciplined execution of our strategy led to robust bookings growth, revenue growth and margin expansion both at the enterprise level and in each of our business segments.

“We are extremely well-positioned as we enter the balance of 2021, with record backlog and transformation-related savings to invest in innovation that drives market outgrowth, maintains strong leverage and generates powerful cash flow. This flywheel powers our balanced capital allocation strategy and will enable us to continue delivering strong and differentiated returns for our shareholders.”

GUIDANCE:

Trane, Inc. sees FY2021 EPS of $6.00, versus the consensus of $5.49.

Full-Year 2021 Guidance

• Reported revenues up approximately 10.5 percent; organic revenues up approximately 9 percent versus 2020.
• GAAP continuing EPS of $5.75, including EPS of $(0.25) for transformation and other restructuring costs; adjusted continuing EPS of $6.00, up 35 percent versus 2020.

For earnings history and earnings-related data on Trane, Inc. (TT) click here.